Renting vs Buying a Home: Which is Better in Surrey, BC?

buying a home in surrey is a best choice of investment

It’s no secret that BC has become known as one of the most expensive and competitive places to buy a home in all of Canada. As a result, many people are starting to weigh the pros and cons of renting vs buying in cities all over the province. While there are benefits to both options, we are here to find out which one is truly the best for those seeking a home in a city like Surrey, BC. There are plenty of great options to choose from when it comes to properties in Surrey. The entire city features welcoming and bright communities with a number of full-sized houses, townhouses and condos to choose from. The question is which is the best way to break into the Surrey real estate market, renting or buying?

Renting or Buying in Surrey

Renting

Renting a property can come with some notable benefits when compared to owning. Costs are often lower on a monthly basis for renters since they often only have to worry about keeping up with a single monthly rent payment, along with a few basic utilities. Aside from these costs, there is very little financial responsibility attached to renting a property. For fiscally disciplined renters, this can help a lot with saving money over time. There is also the added benefit of rent control for long term renters. While your new neighbours may have to pay $1500 per month for their rental property, you may only have to pay $1000 after having lived somewhere for a number of years. For young people in particular who may not be ready to put down roots, renting also makes it easy to move from one place to the next. There are plenty of short term benefits associated with renting, but as time goes by and people’s priorities change, home buying can start to make a lot more sense.

 

Buying

When it comes to long term investments, there is really no better option than owning property. While values can vary based on a number of factors such as location and the type of property you own, it can make a lot more sense to buy rather than rent, especially in a place like Surrey. For the most part, properties in Surrey consist of single-family homes as well as townhouses and condos. In the case of Surrey townhouses or single homes, in particular, owners will be able to get much more value over a long period of time out of their property than if they just rented the same property for the same period of time. As an owner, you can actually earn property value for your Surrey real estate, which can be put toward other long term financial goals such as retirement. Even if a property is rent-controlled for decades, renters’ properties will always carry the same expense without any return on the initial investment. While there are other costs associated with homeownership such as maintenance and property tax, owners can still see returns on their investments over time. Those returns will inevitably surpass any savings a renter may have, especially if you plan to keep your Surrey real estate for a few decades.

 

Since Surrey is one of the fastest-growing realty markets in a province where real estate values continue to rise, owners will see much more long term financial benefit compared to renters in Surrey. With help from the real estate experts on the Tony Z Team, you can find the ideal property to own in Surrey today. Contact us directly, or check out some property details on our website to get started!

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